Building permits, which augur future construction, are a strong indicator of how robust the real estate market is, and the drop-off indicates even New York’s strong market is feeling the effects of the subprime mortgage bust and the tremors it has sent through Wall Street.

The city issued 451 new-building permits in January and February, compared to 764 during those months last year and 859 during the period in 2006.

2 comments:

I agree. It's a good thing! We have this new development of about 30 hideous brick two-family houses near us that we call millionaire's row because these monstrosities were priced at $995,000. And the builder was able to offer NO R.E. TAX for 10 years to buyers. Can someone tell me why a developer gets to build ugly expensive housing and offer this tax break? I don't get no tax break. Do you? How is that fair?

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